Daily Forex Update: EUR/CHF

EUR/CHF continues to rise inside the clear 4-hour Up Channel chart pattern which was recently identified by Autochartist. Autochartist measures the quality of this Up Channel at the 4-bar level – which reflects the slow Initial Trend (4 bars), lower Uniformity (3 bars) and average Clarity (5 bars). EUR/CHF is expected to rise further inside this Up Channel – in line with the earlier breakout of the resistance area shown below.

As can be seen from the daily EUR/CHF chart below, the price earlier broke above the resistance area located between the major resistance level 1.14400 (which also reversed the price in August) and the 50% Fibonacci correction of the previous sharp downward impulse from July. This price area is acting as a strong support after it was broken. The proximity of this support zone increases the probability EUR/CHF will continue to rise inside this Up Channel.

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